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Credit Suisse prepares legal action against Archegos
Credit Suisse Prepares Legal Action Against Archegos Capital Family Office Collapse After Scathing Independent Report Into Bank’s $ 5.5 Billion Loss Revealed Bank Was Likely ‘Cheated’ By Archegos , but that its staff were also unaware of the risks and lacked “competence”.
The report by law firm Paul Weiss, which was released Thursday morning, said the losses were the result of a “fundamental failure of management and controls” by Credit Suisse’s investment bank and a “lax attitude towards risk”. But he added that Archegos had also probably “cheated” Credit Suisse.
Credit Suisse was the hardest hit of several investment banks that collectively lost more than $ 10 billion when Archegos collapsed this spring.
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https://www.fr24news.com/a/2021/07/credit-suisse-prepares-legal-action-against-archegos.html
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